Business
Precipio Announces Q2-2020 Unaudited Pathology Services Revenue Increased Approximately 50% over Q1’20
NEW HAVEN, Conn., July 22, 2020 (GLOBE NEWSWIRE) -- Specialty diagnostics company Precipio, Inc. (NASDAQ: PRPO), announced its preliminary unaudited revenues
About this update from Precipio, Inc.
[{"type":"text","content":"NEW HAVEN, Conn., July 22, 2020 (GLOBE NEWSWIRE) -- Specialty diagnostics company Precipio, Inc. (NASDAQ: PRPO), announced its preliminary unaudited revenues for its pathology services increased from $0.8M in Q1’20, to an estimated (unaudited) $1.3M in Q2’20, an increase of approximately 50% quarter-over-quarter. Final numbers are subject to the completion of the company’s quarterly review and will be released in the company’s upcoming 10-Q filing.\n A detailed analysis on the metrics driving growth in pathology services will be shared following the release of the company’s second quarter financials. Early indications point to sustained volume increases from the company’s existing customer base, coupled with our successful March transition of all the Oncometrix accounts. For reference, in May 2020 Precipio reported a 27% increase in pathology services in Q1’20 over Q4’19. In addition to our growth of pathology revenues, we are very encouraged by the reception of our HemeScreen Reagent Rental (“HSRR”) offering by office-based oncology practices. As announced in May 2020, we launched the HSRR program to create a new revenue opportunity for oncology practices to run molecular tests of various hematologic malignancies in their office laboratory. As first reported in 2019, HemeScreen is a proprietary technology developed by Precipio that substantially reduces the costs for running molecular tests for hematologic malignancies. The first assay for MPN malignancies tests for JAK2, MPL and CALR genes. In addition to the significant cost reduction, HemeScreen also lowers the volume threshold enabling the office-based oncologist laboratory to generate results in a 2-day turn-around on most cases vs the current 14-28 day turn-around time for most labs. With HSRR, Precipio has harnessed the intrinsic values of its proprietary HemeScreen technology (reduced costs and diagnostic speed) creating a compelling economic model for oncologist practices. As the states are gradually opening up for business, we are very pleased by the enthusiastic reception of HSRR. “While many companies and businesses have been ravaged by the COVID-19 pandemic, we are grateful for our customers who continue to place their trust in our services,” said Ilan Danieli, Precipio’s CEO. “The ability to grow our business during what is likely the greatest economic downturn in...